India's smart home security camera market grows 44%
New Delhi, March 17
India's smart home security camera market shipments experienced 44 per cent (on-year) growth in 2022, a report has said.
Xiaomi led the market in 2022 with a 33 per cent share. Tapo registered 88 per cent growth and maintained its second position in 2022 with a 17 per cent share, according to Counterpoint Research.
The market remains dominated by Chinese players, with the Indian brands accounting for 23 per cent of total shipments last year.
EZVIZ jumped to the third spot with a 16 per cent share as its shipments almost tripled.
Shipments in the Rs 1,500-Rs 2,500 price band remained the highest in 2022, capturing 64 per cent share.
"In a price-sensitive market such as India, the entry-level price point of smart cameras (Rs 1,500) also creates a big demand pull," said research analyst Varun Gupta.
"Smart cameras are gaining more popularity among small and medium retailers as they are less expensive and easy to install," Gupta added.
In terms of features, the 2MP camera remains popular among users, but we expect the 3MP camera to gain more traction as it is becoming more affordable.
Senior research analyst Anshika Jain said that indoor smart security cameras accounted for more than 80 per cent of the total shipments.
"It was mainly driven by increased awareness and importance of indoor home security. Even residential developers are increasingly installing smart camera devices due to the hybrid work model," she added.
CP Plus is a well-known Indian brand in the surveillance industry and is taking big strides in the smart camera market as well. It ended 2022 with a top-10 position and 2 per cent market share.